Nigeria and the Hong Kong Special Administrative Region of China have signed an agreement to eliminate double taxation on income, expected to strengthen bilateral trade, improve investment flows and provide greater certainty for businesses operating across both jurisdictions.
The Agreement for the Elimination of Double Taxation with respect to Taxes on Income and the Prevention of Tax Evasion and Avoidance was signed virtually on Monday by Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, on behalf of Nigeria, and Christopher Hui, Secretary for Financial Services and the Treasury, representing Hong Kong.
The agreement is expected to reduce the tax burden on companies and individuals earning income in both jurisdictions by preventing the same income from being taxed twice. It also introduces measures to combat tax evasion and avoidance while promoting transparency and greater certainty for cross-border investors.
Speaking during the signing ceremony, Oyedele described the treaty as a major milestone in the growing economic and commercial relationship between Nigeria and Hong Kong. He said the agreement reflects Nigeria’s commitment to creating a transparent, predictable and investor-friendly tax system capable of supporting sustainable economic growth.
According to him, although the signing was conducted virtually, it demonstrates the strong commitment of both governments to expanding economic cooperation and creating a more favourable environment for international trade and investment.
The minister noted that the agreement comes at a time when Nigeria is seeking to deepen its participation in global value chains and strengthen economic partnerships across Asia.
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He described Hong Kong as one of the world’s leading financial and commercial centres, saying the treaty would encourage stronger private sector collaboration and unlock new investment opportunities between both economies.
He added that the agreement aligns with the Federal Government’s broader economic reform agenda aimed at improving the ease of doing business, attracting foreign direct investment and expanding Nigeria’s network of international tax treaties.
Oyedele also commended the negotiating teams from both sides for producing a balanced agreement that reflects international best practices while protecting the legitimate interests of both jurisdictions.
Under the agreement, businesses and investors operating between Nigeria and Hong Kong are expected to benefit from clearer tax rules, lower compliance costs and improved confidence in undertaking cross-border commercial activities.
The Federal Ministry of Finance said the treaty forms part of Nigeria’s wider strategy to strengthen international tax cooperation, promote trade and investment, and support long-term economic development through a more competitive tax framework.
